Group Life Cover

What is it that makes your business as successful as it is? We believe that your employees are the most important part of your business. Looking after your employees can help ensure that they will look after your business. Providing cover for your employees will give them confidence in their financial future, should something happen to affecttheir ability to work.

Life Cover

Why your employees need it

Every day people face a wide range of risks to their personal wellbeing and lifestyle. Life Cover helps reduce the financial impact of death or terminal illness.

Life Cover is designed to provide security for a wide range of financial commitments by paying a lump sum on death. It can be used for a number of purposes including:

Reducing or eliminating mortgage commitments.

Eliminating personal debt, such as loans or credit cards.

Providing a lump sum to fund a family’s future lifestyle in the untimely death of the main provider.

If you want to help your employees meet these and other obligations in the event of their death, or provide a lump sum that the employee’s family can draw upon to meet their needs, then Group Life Cover is an essential part of your offering to your employees.

Benefit

This cover provides a lump sum in the event of a covered employee’s death. Cover generally expires at age 70.

Features

Terminal Illness Benefit

If a covered employee is diagnosed as terminally ill and likely to die within 12 months, you may apply for early payment of the Death Benefit.

Bereavement Benefit

On application we will pay up to $15,000 on the death of a covered employee, as an immediate benefit to cover funeral and other costs. Any early payment is deducted from the Death Benefit.

Interim Accident Cover

Any employees not eligible for automatic cover will have interim cover for accidents while their application for cover is being assessed.

Note: Conditions and limits will apply.

Continuation Options

If a covered employee leaves the business, he or she may choose to continue their cover by taking up an individual life insurance policy for the same amount of cover, with the benefit of no medical underwriting. Usually this option must be exercised before the employee is aged 70.

Optional Benefits

Personal Accident Benefit

If a covered employee has an accident resulting in specific losses, we will pay a lump sum for that loss. Payment of this benefit doesn’t impact their Life Cover while they remain a covered employee.

Note: An additional premium and conditions apply.

Pooled Profit Share Option

This option allows your group to share in the profits of a large pool of schemes. This means your group could receive a rebate for a percentage of the premiums paid that year. If the groups in the pool have collectively paid more premiums than the amount of claims paid (or expected to be paid) for that year, then each group will receive a rebate.

Further options are available if your group has more than 500 members.

Disclaimer: This is a convenient summary of the key points of this insurance policy. It is not, and is not intended to be, a policy document. Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the official policy document which is available from your financial adviser. You should read the policy document carefully to make sure you understand exactly what cover is provided under each benefit. This document does not provide a personalised financial advice service.